Jinke Smart (9666 HK): 24th Dec Exit Vote. All Eyes On Tendering

• After suspending shares for near-on three weeks, Boyu had a change of heart on the 18th November, and tabled a delisting Offer for Jinke Smart Services (9666 HK).

• Boyu is offering HK$8.69/share IF the Scheme-like vote and 90% tendering conditions are satisfied. Failing that, the unconditional MGO price of $6.67/share is the fall-back.

• The Revised Composite Doc is now out, with the EGM on the 24th December. The IFA says “fair & reasonable“. They said the same at HK$6.67/share.

The Trade:

• This latest Doc primarily provides a roadmap forward.

• You have a minimum floor of HK$6.67/share, irrespective of the outcome on the “enhanced Offer”.

• This enhanced Offer may get up; however a 90% tendering condition is not straightforward.

• Trading wide at 9.9%/83% gross/annualised, assuming early-Feb 2026 payment.

• I’d be getting some exposure here, if not already in.